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Bear Market Predictions Shunned as Bitcoin Bulls Take the Lead

A lot has changed since the last time bitcoin’s price hit a high of $2760 on May 25 and subsequently dropped over 30 percent the next day. For a few days, the price hovered between the $2250-2350 range then made its first jump above $2400, shocking those who predicted a bearish downtrend. Many traders and even the analyst Nicola Duke, featured on CNBC, thought the forecast was for the worst. The price “could even fall as far as $1,470,” explained Duke’s prediction.

Things have changed since then as bitcoin’s price has rallied consistently over the course of the week. After breaking the $2400 threshold, bitcoin’s value quickly escalated past $2500 into the $2600 territory for a short period. The price range of $2700 and above lasted for about an hour and a half until $2800 was breached. Bitcoin now commands a $46 billion dollar market capitalization and $1.6 billion worth of bitcoins has been traded over the past 24 hours.

24-Hour Price Analysis

Technical indicators show the 100 Simple Moving Average is once again above the 200 SMA showing bulls are charging. Last week’s gap to the downside had seen buyers take a rest, but the action is now hotter than ever. Furthermore, Stochastic and Relative Strength Index (RSI) are also signaling very bullish patterns. Breaking higher targets in the next 24-48 hours is definitely a possibility but a trend backward beneath the sub-$2800 range could also happen. Order books are moving at light speed on the top exchanges and price in countries like Japan and Korea are once again showing higher price points.

Bitcoin Trending Higher Than Ever Before

Overall positivity is high as far as the price is concerned, and this is leading to more mainstream attention focused on bitcoin. Online interest in bitcoin is also at an all-time high as Google Trends shows searches for bitcoin has surpassed 2013 records.

Bear Scenario: Bitcoin’s price is swinging, and there could be a few bear traps along the way. When bitcoin’s fiat value touched $2840, the price quickly dropped to $2795 ten minutes later but has since rebounded to newer highs. At the moment there is a significant floor between the $2500-2600 range, for the time being, if a deep correction takes place.

Bull Scenario: At the moment bulls are charging at full velocity with all of their force pushing the price higher. Reaching $3000 per bitcoin is not out of the question, and it could happen within the next 24-48 hours. At press time the buyers market is trying to escalate past the $2800 range into the $2900 territory.

What do you think about the price of bitcoin breaking $2800? Do you think bitcoin will continue to rise to higher levels? Let us know in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”